The major cryptocurrencies are still trading without clear direction, although most of the coins are slightly in the red in US trading. The biggest outlier is IOTA, as the only coin that triggered a buy signal in our trend model since the Monday bottom is now up by almost 40% off the lows. The top coins are on neutral short-term signals, with Bitcoin and Ethereum both trading near strong resistance levels.
On a positive note, there are some smaller coins that clearly outperform the market, such as Binance Coin and Ontology, and that divergence could signal that selling pressure is easing in the segment. That said, correlations between the coins are still high, and without a more pronounced leadership, traders should still be cautious with opening new positions, even as the long-term outlook continues to improve.
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BTC/USD, 4-Hour Chart Analysis
BTC is still trading near the lower boundary of the key $7650-$7800 resistance zone, despite a mid-day selloff today and the coin is still stuck in the range that developed during the weekend. Traders should still avoid new positions here, while investors could add to their holdings.
The short-term MACD is still neutral, and our trend model is also on a neutral signal. Above the primary resistance, further levels are at $8400 and $8700 and between $9000 and $9200, while support is still found at $7000 and $6750.
IOT/USD, 4-Hour Chart Analysis
IOTA has been among the most active majors, as it hit the next target for its breakout at $1.9. While the resistance level stopped the advance for now, the coin remains bullish on all time frames, even as short-term the coin is slightly overbought. Further resistance is ahead at $2.2 and $2.35, while support is at $1.7 and near $1.5.
Ethereum and Ripple Drift Sideways
ETH/USD, 4-Hour Chart Analysis
The total value of the market is stagnating near $330 billion, as most of the top coins are trading in tight ranges, with ETH hovering around $575, and Ripple being stuck near $0.60 as well. The short-term downtrend is intact in the still relatively weak Ethereum, and only a few altcoins are in confirmed short-term uptrends, so we still can’t conclude that the correction is over, although the long-term charts suggest that a durable bottom will form soon.
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